July 09 2015

elb2 China seems to be some way short of running out of fingers to plug the holes in the leaky dam while NYSE had to pull the plug on a tricky configuration problem which seems to have caused the WSJ to fall over in sympathy. MSEI (MCX-SE) has partially successful rights issue, new exchange in ZA? Comment opened. Lots more on the topics du jour, no summer lull immediately apparent:

Public Markets

Hellenic Capital Market Commission: Bank Holiday In Greece Extended Until 13th July 2015

MondoVisione

PLY: Presumably the Hellenic Orange Order are pleased at not having to take a day’s leave July 12th to go marching…

China Contagion Poses Risk To HKEx Growth Strategy

Reuters

China’s Stock Market Crash Shows Limits Of Government Control

Thomas Lee – SF Chronicle

Regulators On Hook For China Stock Slide (subscription)

Tom Mitchell – Financial Times

Stock Crash Sparks Calls For Super-Regulator

Lu Jianxin & Pete Sweeney – Reuters

China Bans Big Shareholders From Cutting Stakes For Next Six Months

Samuel Shen & Brenda Goh – Reuters

China Stocks Rebound Sharply After Beijing Slaps Curbs On Selling

Reuters

Read our Premium China Capital Markets Transformation Brief – Main File.

ASX Boss Says Quotas Won’t Achieve Gender Equality (subscription)

Rebecca Urban – The Australian

Elmer Funke Kupper has warned against a push to introduce quotas for female represent­ation on government boards, labelling it a “tick-the-box” approach­ to diversity.

PLY: No comment on the toxic nature of monopoly quotas for stock exchanges…

LME’s Proposed Rent Cap Has US Regulatory Support (subscription)

Metal Bulletin

LME’s proposal to introduce queue-based rent capping (QBRC) meets the requirements of overseas regulators as well as FCA.

PLY: An encouraging step forward for LME.

EEX Group Connects To REGIS-TR For REMIT Reporting

Automated Trader

Press release here.

Private Markets

MSEI Raises Rs75 Crore ($11.8 Mln) Through Rights Issue

Ashish Rukhaiyar – Livemint

Metropolitan Stock Exchange of India (MSEI) (formerly known as MCX-SX, mSXI), has raised Rs.75 crore ($11.8 mln) through a rights issue that closed on Wednesday. The rights issue opened for subscription on 9 June, with the exchange aiming to raise up to Rs118.34 crore ($18.6 mln).

PLY: Two thirds of target amount nonetheless helps shore up MSEI.

SA May Soon Have New Stock Exchange

Antoinette Slabbert – Tech Central

The Financial Services Board has invited comment on ZAR X’s licence application.

Andreas M. Antonopoulos: ‘Bitcoin Is Punk-Rock, You Can’t Control It’

Wired

PLY: Having read far too many specious endeavours to render linear corporate boardrooms comfortable with cryptocurrency, this is an excellent, highly readable intervention.

Special Section: FTI, NSEL, India at the Crossroads

PLY: Flat day for MCX and FTIL.

Technology

NYSE Resumes Floor Trading After More Than 3-Hour Halt

Jacob Pramuk – CNBC

Trading On NYSE And NYSE MKT – Trading Resumed

MondoVisione

NYSE’s Farley Pulled Plug When He Realized Trade Data Was Off

Sam Mamudi & Matthew Leising – Bloomberg

NYSE Outage Not The Result Of A Cyberattack

MondoVisione

NYSE, SEC Suspect Software Update Triggered Trading Halt

David Michaels – Bloomberg

Trading resumed on NYSE floor around 3:10 p.m. ET Wednesday after a technical issue caused a halt around 11:30 a.m. ET.

PLY: Configuration issues which will doubtless frustrate NYSE management but not the end of the world, nor as conspiracy theorists pondered, a cyberattack on the US. I was actually quite fascinated to realise United Airlines had network technology, it never looked like they could manage that on the occasions when they infrequently have managed a flight vaguely correlated to my ticketing.

Back to NYSE, the key pointer is how NYSE Arca carried on trading NYSE stocks as did the rest of the US equity ecosystem, on more platforms than there is space to mention. A frustrating day for NYSE but not a stock market shutdown…

Exchanges And Their Customers Have A History Of Halts (subscription)

Robin Wigglesworth – Financial Times

PLY: A very modest smattering of tech issues, without any of the more entertaining ones that I can think of off the top of my head. it is a testament to market complexity that even the vaguest vestige of comprehensivity eludes the FT – then again if it spent more on covering financial markets as opposed to fretting about its beloved fan boys in Brussels, who knows what it might be able to achieve?

Boat Adds Russian Instruments To Its Trade Reporting Service

Cinnober

PLY: A resounding “Da!” for this expansion…

The Bloomberg Terminal: Clunky, Costly, Addictive, Ubiquitous (subscription)

Robin Wigglesworth – Financial Times

PLY: A summer profile of the aging but still apparently glamourous, Bloomie terminal.

Products

LSE Launches Dedicated Green Bonds Segment

LSE

Futures & FX In Sight For Instinet (subscription)

Financial News

Nasdaq Dubai Plans To Sell Sukuk To Retail Investors

Emirates 24/7

Sebi Said To Have Concerns About Forward Contracts

Ashish Rukhaiyar – Livemint

PLY: Lack of standardisation and greater counterparty risk are reasonable concerns for SEBI’s focus, especially given the still unresolved mess of NSEL.

Indexes

STOXX Launches Euro iSTOXX 50 Style Weighted & Euro iSTOXX 50 Style Weighted Decrement Indices

MondoVisione

New S&P 500 Bond Index Powered By Thomson Reuters

MondoVisione

Career Paths

Euronext Said To Aim To Appoint Its New CEO By Late September

Geraldine Amiel & John Detrixhe – Bloomberg

The board is putting together a list of 10 to 15 names including external candidates.

WSJ reports that Pico Quantitative Trading, a provider of technology infrastructure for financial service firms, has hired as its CIO Paul Cassell, president of PC IT Consulting, and a former CIO of NYSE Euronext. He starts July 20, reporting to CEO Jarrod Yuster.

Financial Calendar

New announcement

SEC Advisory Committee on Small and Emerging Companies – public meeting by telephone conference – July 15.

All forthcoming exchange / investment related events are now listed in our Events page.

Share Notes

CBOE COO Edward L. Provost sold 5,000 shares Monday, July 6th at an average price of $60.02 (bargain $300,100.00). He now owns 80,669 shares.

Crowdfunding

CoAssets Lists On Aussie Stock Exchange

Straits Times

Singapore’s real estate crowdfunding site CoAssets, with a market value of A$13 mln ($9.7 mln), was listed on the Newcastle-based National Stock Exchange (NSX).

Other stories

A Regulatory Upgrade For Electronic Trading (subscription)

Mark Wetjen (CFTC) – Wall Street Journal

In the aftermath of the financial crisis, a quiet debate began among market participants and policy makers—has liquidity evaporated in fixed-income markets, or has it simply changed? In either case, why has it and should we be concerned?

PLY: An interesting call from Commissioner Wetjen albeit it leaves many strands of enquiry – particularly about how much data regulators can cope with (we’re clearly already past that point in most every jurisdiction and how/will they ever arrange to cope with digital markets?

ISDA Publishes Recommendation For An Amendment To The Single-Name CDS Roll Frequency

MondoVisione

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